Billet markets witnessed reducing prices since the begining of the week. It was hard for manufacturers to find any buyers ready for new purchases.
Hence, they touched Rs 700/MT levels to cut offers and offered some discount on lower ingot prices, limited sales of finished products, slow down in infrastructure projects due to monsoon, negative sentiments and weak demand for steel products.
Market participants are hopeful that Billet offers should not come down further and might start improving around the mid of this month.
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